Russia’s new pitch: Bitcoin for oil & gas, set to reject dollars & euro

Russia could soon start accepting Bitcoin as payment for its oil and gas exports.

Russia recently said it could sell gas to the West for rubles and gold, however, to "friendly" countries such as China or Turkey it would accept the buyer's national currency or bitcoins.

Also read/watch | India buys Russia oil at 'huge discount', imports quadrupled

The chair of Russia’s Duma committee on energy said that when it comes to “friendly” countries such as China or Turkey, Russia is willing to be more flexible with payment options.

Chair Pavel Zavalny said that the national fiat currency of the buyer — as well as bitcoin — were being considered as alternative ways to pay for Russia’s energy exports.

Also read/watch | Russia rejects Dollars & Euro, Putin demands Rubles for gas

Putin ordered the central bank to develop a mechanism to make ruble payments for natural gas within a week at a meeting with his government.

Gas prices surged more 30% while ruble gained 7% against the dollar as Putin is set to force European companies to directly prop up his currency which has been whipsawed after the sanctions.

Bitcoin rallied to cross $44,000 mark on bets rising for a wider adoption.

Also read/watch | Bitcoin is up close to 4% over the last 24 hours to about $44,000.